CBN, varsity partner to deepen adoption of eNaira

The Central Bank of Nigeria (CBN) has partnered with Benson Idahosa University, Benin, Edo State, to deepen adoption of eNaira as a payment system and medium of exchange.

Branch Controller, CBN, Benin, Michael Mbeze, stated this during a three-day training of students of the institution on the application of eNaira.

Mbeze said that the eNaira, just like the physical Naira, was also an official legal tender of the Federal Republic of Nigeria and a direct liability of the CBN, hoping that it would provide a platform to drive the digital economy of the country.

He said, “The CBN believes the eNaira will make a positive difference to Nigeria and Nigerians, including improving the availability and usability of money, supporting a resilient payment system ecosystem, encouraging financial inclusion, reducing the cost of processing cash, increasing revenue and tax collection; and facilitate diaspora remittances.

“The CBN desires to partner with key stakeholders like institutions of higher learning such as Benson Idahosa University and other members of the public to deepen the adoption of the eNaira both as a payment system and a medium of exchange and transaction settlement.”

Izuchukwu, said the CBN was trying to start an eco-system using the youths to drive and spread of eNaira across the country.

He noted that the training would make it easier for the students to create awareness since they lived within the eco-system, adding that it was faster and cheaper to use students as ambassadors to drive the policy

Responding, the acting Vice Chancellor of the University, Prof. Johnson Oyedeji, said BIU was ready to support policies that would grow the nation financially and benefit Nigerians.

He said that the eNaira policy of the CBN must have been well thought out and should be efficiently implemented for the benefit of the society.